LOUISVILLE, Ky. (Oct. 16, 2017) – The Greater Louisville Association of Realtors reported sales up 2.86% year-to-date for 2017. Sales in September 2017 were 1,565 versus 1,671 last September. The average price YTD was up 5.39% and the median price was up 5.46%.
In Jefferson County, the average price in September 2017 was $210,741 and the median was $171,900. For all MLS areas, the inventory of available properties was 10.54% lower than at the same time last year. In Jefferson County, the inventory of homes and condos for sale was 7.79% lower than September 2016. Inventory in Oldham and Bullitt Counties was down 9.70% and 0.71%, respectively.
GLAR releases monthly statistics mid-month to allow for the most accurate and comprehensive reporting possible. Local realtors report their residential sales totals to GLAR, and publishing the statistics mid-month allows for the activity that takes place late in the month to be counted. This ensures that the totals reported show the truest depiction of the local housing market.
GLAR President Dave Parks commented that, “While there appears to be some seasonal slowing, the overall market is extremely strong and there remains a shortage of inventory in the moderate price ranges. The demand is strongest for properties in move-in condition, priced at or near the market value when they are initially listed for sale.”
The National Association of Realtors®’ Chief Economist, Lawrence Yun, observed that as the Federal Reserve begins to normalize its balance sheet, mortgage rates should rise modestly over time. “Given the pace of unwinding asset purchases with the fewer rounds of anticipated short-term rate hikes over the next two years, it’s expected that mortgage rates should still remain at historically attractive levels. The 30-year fixed rate may rise to slightly above 4% by the end of this year, and may only reach 4.7% by the end of 2018.”
Pat Durham, the executive vice president of the Building Industry Association of Louisville, commented that, “New construction and remodeling business remains strong, with many members having lead times to even start projects months down the road. A major issue we are all facing is the need for infrastructure improvements to not only new areas, but taking better care of infrastructure that is existing. This will take strong leadership from our elected officials to see these needed improvements become reality.”
The Greater Louisville Association of Realtors® is the “The Voice for Real Estate” in the Greater Louisville Area. As the local arm of America’s largest trade association, the National Association of Realtors®, GLAR represents more than 4,000 members involved in all aspects of the residential and commercial real estate industries. GLAR organizes advocacy efforts on legislative issues that impact the real estate profession and homeownership, offers professional development and continuing education opportunities, and coordinates community service projects throughout the year so its members can give back to the community where they live and work. For more information, visit louisvillerealtors.com.